Wells Fargo Bank in Superior closing its doors

Print Article

Customers received letters on May 7 that the Superior Wells Fargo Bank will close this summer. The company is planning on closing around 800 branches by 2020. (Kathleen Woodford/Mineral Independent)

The Wells Fargo Bank in Superior will be closing its doors this summer, according to a letter customers received on May 7. Customers were told they could transfer their accounts to Missoula Wells Fargo Banks, but for many Superior customers the 60 mile drive to Missoula is an inconvenience and many said they will transfer their accounts to the town’s remaining bank, TrailWest.

“This is not an easy decision or one that we take lightly. We continually evaluate our branch network and make adjustments based on customer use, market factors, economic trends, and competitor actions,” said Staci Schiller, regional communicator for Wells Fargo in Montana.

The Superior branch has seen a decrease in customers over the past few years. “While branches continue to be important in serving our customers’ needs, we’re finding that customers are often using our wide range of digital capabilities for many of their banking needs. As a result, more transactions are happening outside the branch,” she said. The doors will close on Aug. 15, 2018.

Faced with legal expenses and other financial difficulties, the company announced in January plans to close around 800 branches nationwide by 2020. They closed 200 branches last year but still had with more than 5,800 branches, the most out of all the major banks in the United States according to a CNN report.

Wells Fargo has faced legal troubles with the bank’s litigation expenses tripling to $3.3 billion late year. The legal costs stem from the bank’s fake-account accusations, investigations into pre-crisis mortgages and other consumer-related matters. Reports indicate that as many as 3.5 million potentially fake bank and credit card accounts were created as part of their “notoriously aggressive sales goals”.

The bank has also pledged to help employees affected by bank closures to “identify opportunities within Wells Fargo, as well as within the community,” the CNN article stated. There are three team members at the Superior branch and they can apply for other positions within the company. Wells Fargo will also offer job search resources and other support as they transition to the next phase of their careers, said Schiller.

Print Article

Read More Local News

Local team takes the win at Hack and Blast

May 23, 2018 at 1:32 pm | Clark Fork Valley Press Spring not only brings the warm weather and sunshine, it also brings the annual Hack and Blast to the Plains Trap Club. Organizers with the club once again were full of excitement to welcome the ev...

Comments

Read More

VFW places over 400 flags at Plains cemetery

May 23, 2018 at 1:32 pm | Clark Fork Valley Press This past Saturday members of the Plains VFW converged to the local cemetery to place flags at the graves of those who served and are now resting. Local veteran Ed Foste also of Joint Operations of ...

Comments

Read More

Drivers walk away from 2 serious wrecks

May 23, 2018 at 1:31 pm | Clark Fork Valley Press Last week saw two near major accidents on the roads of Sanders County within days of each other. Thursday afternoon along Montana 28, first-responders attended to a vehicle rollover at mile marker ...

Comments

Read More

Plains High Honor Society students visit Oregon coast

May 23, 2018 at 1:31 pm | Clark Fork Valley Press Plains High School Honor Society students recently headed on a trip to the coast to enjoy a few days after a big year of hard work. Eight students accompanied Plains art teacher Kristen Cole and pr...

Comments

Read More

Contact Us

(406) 826-3402
105 W. Lynch
P.O. Box 667
Plains, MT 59859

©2018 Clark Fork Valley Press | Mineral Independent Terms of Use Privacy Policy
X
X